Experienced Attorney Advises Clients About Filing for Bankruptcy in California 

Anaheim bankruptcy lawyer resolves debt issues

If you are saddled with mounting debt and you cannot keep up with payments, you may wish to consider filing for bankruptcy. As an attorney with four decades of experience assisting Californians with debt relief, I can put you on the right path to resolving your financial problems and gaining a fresh start. My firm, Marlin Branstetter Attorney at Law, is located in Anaheim and serves individuals throughout Orange County and the state. 

What is bankruptcy?

Bankruptcy is a legal remedy that allows people to escape from overwhelming debt and get back on their feet financially. Eligible debt is either discharged, as in Chapter 7, or restructured to make paying it back easier, as in Chapter 13. I am ready and able to answer your questions about both bankruptcy processes. 

Is filing bankruptcy in California right for you? 

Declaring bankruptcy may sound like a frightening prospect, but it can be the best alternative if you have unmanageable debt and see no prospect for improvement of your financial condition. Here are a few examples of instances in which bankruptcy may be a good option: 

  • You cannot make your mortgage payments and are at risk of losing your home to foreclosure.
  • You are hopelessly behind on credit card or loan payments and are being hounded by lenders.
  • You have suffered a severe medical crisis, such as a life-threatening disease, that has brought high doctor bills and hospital costs not covered by insurance. 

I will thoroughly analyze your financial situation, determine whether filing for bankruptcy is a viable option and, if so, advise you on which type of bankruptcy to file.

How bankruptcy works to resolve debt

There are two major types of bankruptcy available to individual debtors. Chapter 7 provides for discharge (cancellation) of most or all of a person’s debt, although some of their assets may have to be liquidated. Chapter 13 allows a steady wage earner to repay a portion of their debt over a three- or five-year period. Once the repayment plan is completed, their remaining unsecured debt may be discharged. 

Anaheim lawyer explains the bankruptcy process and steps

Here are some of the main steps in the Chapter 7 filing process:

  • Consulting an attorney — Although you can file for bankruptcy without a lawyer, it is better to have one to be sure that all steps are completed properly and that your rights are protected. 
  • Gathering documents — You need to assemble income statements, tax returns, property deeds, motor vehicle titles, bank statements and other asset information, as well as loan documents and debt information. 
  • Completing credit counseling — You must complete an approved credit counseling course within 180 days before filing for bankruptcy.
  • Filing a petition — You will fill out the forms and schedules that include your financial data, including income, assets and debts, and file the petition with the bankruptcy court. 
  • Attending a creditors’ meeting — The trustee overseeing the bankruptcy and possibly some creditor representatives have an opportunity to ask you questions about your finances and the bankruptcy forms.
  • Taking another educational course — You must complete a financial management course prior to the end of your bankruptcy case.
  • Obtaining a discharge — Once the trustee is satisfied with the petition and all documentation, the bankruptcy judge issues an order discharging your qualifying debts.

I will guide you through every step to ensure that you complete each one successfully and do not run into problems that could result in a denial of your petition by the court. 

Canceling debt through discharge in bankruptcy

Once a debt is discharged in bankruptcy, the creditor can no longer take any collection actions. Types of debt that may be discharged include credit card balances, personal loans, medical bills, back rent or lease payments and utility service balances. Some types of debts cannot be discharged, such as student loans, child support payments, spousal support, certain back taxes and other liabilities. My law firm will review your debts and advise you about those that may and may not be discharged. 

Contact a trustworthy California bankruptcy lawyer for help

Since 1987, Marlin Branstetter Attorney at Law, with offices in Anaheim, has assisted Californians in getting relief from overwhelming debt through bankruptcy. Call 714-276-8589 or contact me online to schedule a consultation.